REGINA – Regina Exhibition Association Limited (REAL) is asking Regina City Council for the ability to borrow up to $13 million for capital upgrades, maintenance, and food and beverage equipment.
On the agenda for Monday night’s council meeting is a proposal from REAL to approve increasing its debt limit from $2.8 to $13 million. REAL runs the exhibition grounds, including Evraz Place and eventually the new stadium.
“Much like a new car, a new stadium comes with a sticker price, but it’s the extras that will get you.”
According to a formal letter from REAL, most of the money would be used for capital upgrades and maintenance of the Evraz facilities, while $3.75 million would be used for new food and beverage equipment of the new Mosaic stadium.
REAL anticipates it will repay $8.8 million of debt within five years.
“I want to know if we can expect to cover any more ‘soft costs’ that aren’t part of the ‘hard-cap’ that Council has already set for the Stadium Project,” wrote councillor Shawn Fraser on his blog Sunday. “Much like a new car, a new stadium comes with a sticker price, but it’s the extras that will get you.”
The City of Regina is the organization’s only voting member.
The cost of the stadium was initially pegged at $278 million and is expected to be ready for the start of the 2017 CFL season.